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TheStreet Open House

Abraxas Announces $11 Million Second Quarter Profit On Sequential Twelve Percent Increase In Production Despite Lower Oil Prices

Stock quotes in this article: AXAS

(b) Includes Abraxas’ equity interest in Blue Eagle’s production.

 
 

BALANCE SHEET DATA

 
(In thousands)     June 30, 2012     December 31, 2011
 
Cash $ 308 $
Working capital (a) (15,001 ) (14,404 )
Property and equipment – net 203,162 179,552
Total assets 253,295 241,150
 
Long-term debt 136,664 126,258
Stockholders’ equity 75,374 62,651
Common shares outstanding 92,335 92,261

(a) Excludes current maturities of long-term debt and current derivative assets and liabilities.

 
 
ABRAXAS PETROLEUM CORPORATION
 
STATEMENTS OF OPERATIONS

(UNAUDITED)

 
(In thousands except per share data)     Three Months Ended June 30,     Six Months Ended June 30,
  2012         2011     2012         2011  
 
Revenues:
Oil and gas production revenues $ 15,934 $ 16,653 $ 32,313 $ 30,500
Other   4     3     18     4  
15,938 16,656 32,331 30,504
Operating costs and expenses:
Lease operating 5,382 5,566 11,316 9,581
Production taxes 1,489 1,426 2,985 2,680
Depreciation, depletion, and amortization 5,380 3,780 10,218 7,210
Impairment 1,306 1,306
General and administrative (including stock-based compensation of $722, $706, $1,199 and $1,069)  

2,404

   

2,446

   

4,305

   

5,092

 
  15,961     13,218     30,130     24,563  
Operating income (loss) (23 ) 3,438 2,201 5,941
 
Other (income) expense:
Interest income (1 ) (2 ) (2 ) (4 )
Interest expense 1,270 1,336 2,465 2,941
Amortization of deferred financing fees 266 770 296 1,270
(Gain) loss on derivative contracts - realized (914 ) 1,113 (866 ) 1,228
(Gain) loss on derivative contracts – unrealized (10,296 ) (7,959 ) (9,420 ) 3,019
Equity in (income) loss of joint venture (1,251 ) (769 ) (2,034 ) (1,518 )
Other       12     42     87  
  (10,926 )   (5,499 )   (9,519 )   7,023  
Net income (loss) $ 10,903   $ 8,937   $ 11,720   $ (1,082 )
 
Net income (loss) per common share - basic $ 0.12   $ 0.10   $ 0.13   $ (0.01 )
Net income (loss) per common share - diluted $ 0.12   $ 0.10   $ 0.13   $ (0.01 )
 
Weighted average shares outstanding:
Basic 91,808 91,409 91,775 88,653
Diluted 93,263 93,506 93,448 88,653
 
 

ABRAXAS PETROLEUM CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

To fully assess Abraxas’ operating results, management believes that, although not prescribed under generally accepted accounting principles ("GAAP"), discretionary cash flow and EBITDA are appropriate measures of Abraxas' ability to satisfy capital expenditure obligations and working capital requirements. Discretionary cash flow and EBITDA are non-GAAP financial measures as defined under SEC rules. Abraxas' discretionary cash flow and EBITDA should not be considered in isolation or as a substitute for other financial measurements prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. As discretionary cash flow and EBITDA exclude some, but not all items that affect net income and may vary among companies, the discretionary cash flow and EBITDA presented below may not be comparable to similarly titled measures of other companies. Management believes that operating income calculated in accordance with GAAP is the most directly comparable measure to discretionary cash flow and EBITDA; therefore, operating income is utilized as the starting point for these reconciliations.

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